Davies Magnet needs an owner
16th February 1989, Page 22
16th February 1989
Page 22
Page 22, 16th February 1989
— Davies Magnet needs an owner
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• Davies Magnet has gone into receivership.
The Corby-based firm, which is best known for its fifthwheel couplings and electric vehicles, had been trading at a loss for some time.
Grant Thornton, the Birmingham-based receiver, has placed the company under a joint administrative receivership, and although Davies Magnet is still trading, nearly half of the company's 75 employees have now been made redundant.
Davies Magnet says there has already been considerable interest from potential buyers, and the receiver hopes to make an announcement about the sale of the company within the next month.
Fifth wheels make up about a third of Davies Magnet's turnover; electric and some internal-combustion-engined vehicles currently account for the remainder.